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Ashtead Technology (AT) investor relations material

Ashtead Technology H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary26 Aug, 2025

Executive summary

  • Revenue grew 23% year-over-year to £99.1m in H1 2025, driven by both oil & gas and renewables, with adjusted EBITA up 20% to £27m and a margin of 27.3%.

  • Adjusted EPS increased 15% to 21.9p, supported by operational synergies from Seatronics and J2 Subsea integrations.

  • Record customer backlogs and strong operational synergies from recent acquisitions underpin growth confidence.

  • Market and geopolitical headwinds slowed Q2 revenue ramp-up, but delayed projects have now mobilized, supporting H2 growth.

  • Move to the Main Market of the London Stock Exchange expected on 6 October 2025.

Financial highlights

  • Revenue: £99.1m in HY25, up 23.2% year-over-year, with more than triple growth over three years via organic and inorganic investment.

  • Adjusted EBITA: £27.0m (20% YoY growth), margin 27.3%.

  • Adjusted EBITDA: £38.4m, margin 38.7%.

  • ROIC at 24.2%, above cost of capital, though down from prior year due to increased investment.

  • Pro forma leverage at 1.6x, targeting 1.4x by year-end.

Outlook and guidance

  • Board expectations for the full year remain unchanged, with confidence in H2 growth as delayed projects have mobilized.

  • Total addressable market forecast to grow at 8% CAGR through 2028, with offshore wind at 15% CAGR.

  • Customer project backlogs and contract awards underpin confidence in sustained demand.

  • US offshore wind exposure removed from forecasts due to political uncertainty; any activity will be treated as upside.

  • Intention to move from AIM to Main Market of the London Stock Exchange on 6 October 2025.

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Frequently asked questions

Ashtead Technology Holdings PLC is an integrated subsea technology company specializing in equipment rental solutions, advanced underwater technologies, and support services for the global offshore energy sector. The company operates across three main service lines: Survey & Robotics, Mechanical Solutions, and Asset Integrity. These services cater to the installation, inspection, maintenance, repair (IMR), and decommissioning of offshore energy infrastructure. Ashtead Technology's offerings include a broad range of specialist and engineering support in asset integrity, encompassing design, construction, installation, mechanical integrity, life of field inspection and maintenance, and risk analysis. Mechanical solutions provided by the company cover subsea coating removal and cleaning, cutting, dredging services, as well as remotely operated vehicles (ROV) and diver tooling, topside support, and additional project support packages. Their survey and robotics solutions span environmental, geophysical, geospatial, hydrographic, and metocean surveys, among others. The company is headquartered in the UK, and its shares are listed on the London Stock Exchange.

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